Business

Libya imposes fees on foreign currency transactions

  • 20 September 2018 - 12:34
Libya imposes fees on foreign currency transactions

Libya’s government of national accord on Wednesday imposed a fee of 183 percent on foreign currency transactions, effectively devaluing the Libyan dinar to bridge the gap to the dominating black market. The move devalues the official rate of the dinar to the dollar for such deals to around...

UN report: Belgium violated freezing of Libya’s assets through Euroclear bank

  • 12 September 2018 - 21:40
UN report: Belgium violated freezing of Libya’s assets through Euroclear bank

The UN panel of experts on Libya said Tuesday that Belgium is in violation of international sanctions targeting assets once owned by Libyan dictator Muammar Gaddafi. The experts’ conclusions come after Politico said months ago that the money was channeled to mystery beneficiaries behind...

Esnad AL Taqnya appoints digital marketing agency for Anker

  • 12 September 2018 - 20:41
Esnad AL Taqnya appoints digital marketing agency for Anker

Esnad AL Taqnya has appointed Azara Media, as agency of record to manage its media communications business both offline and online to promote Anker products in the Libyan Market. The contract will take effect from 15th Sep 2018 and will see Azara Media continue Esnad AL Taqnya’s media...

Libyan Investment Authority’s current international litigations under threat

  • 12 September 2018 - 13:08
Libyan Investment Authority’s current international litigations under threat

The application filed by the Libyan Investment Authority (LIA) to end three receiverships in the United Kingdom will bring no positive benefits to the fund, claims former LIA Chairman AbdulMagid Breish, speaking to Libyan Express. According to a statement released by the LIA on August 28,...

Libyan Foreign Bank explains profits of recent years in black and white

  • 30 August 2018 - 22:28
Libyan Foreign Bank explains profits of recent years in black and white

  The Libyan Foreign Bank (LFB) has gained massive profits amid the crises and financial as well as economic unrest in Libya over the last few years, a report by the LFB says.   The report that was presented by the LFB's General Director Mohammed Bin Yousif on a local...

Libyan Foreign Bank finds leaked Audit Bureau strange, says ready to respond

  • 19 August 2018 - 15:44
Libyan Foreign Bank finds leaked Audit Bureau strange, says ready to respond

The Libyan Foreign Bank (LFB) said it had been bewildered to see a leaked Audit Bureau report draft prior to being discussed with the concerned departments at the LFB. “The leak comes despite the fact that the LFB has previously reviewed all Audit Bureau inquiries and responded accordingly,...

Libya’s Central Bank to carry out economic reforms next week

  • 18 August 2018 - 13:50
Libya’s Central Bank to carry out economic reforms next week

The Central Bank of Libya (CBL) has announced that the economic reforms will be carried out next week in the country. The CBL, according to sources reported by The New Arab, was waiting the Presidential Council's approval after doing some legal checks regarding the taxes to be imposed on selling...

Libya’s oil recovers to above a million bpd

  • 16 August 2018 - 13:26
Libya’s oil recovers to above a million bpd

Libya’s crude oil production has exceeded 1 million bpd for the first time since June, when port blockades and a kidnapping caused production outages that within a month brought production to as little as 670,000 bpd. S&P Global Platts cited sources from Libya’s oil industry as saying...

Libya’s giant oilfield Sharara recovers, produces 260.000 bpd

  • 15 August 2018 - 17:36
Libya’s giant oilfield Sharara recovers, produces 260.000 bpd

Libya’s giant Sharara oilfield is producing 260,000 barrels per day (bpd) after the restart of a control station that had been closed due to the kidnapping of two workers, an engineer at the field said on Wednesday. Station 186 was restarted on Sunday amid tightened security, and was...

Turkey’s central bank launches “rescue measures” as the lira slides

  • 13 August 2018 - 20:18
Turkey’s central bank launches “rescue measures” as the lira slides

Turkey's central bank on Monday announced it was taking all necessary measures to ensure financial stability after the collapse of the lira, promising to provide "all the liquidity the banks need". The Turkish currency reached a new record low of 7.24 against the US dollar in Asia Pacific trade...